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The Elizabeth Line is stimulating significant growth in London at over double the capital’s average since 2012.
Rents along the line are up 16.38 per cent in comparison to 8.20 per cent across the rest of London, according to new research from Landbay. The Crossrail project is one of the UK’s biggest infrastructure developments at £15 billion. The Elizabeth Line will be open to commuters in Autumn 2019 and will improve access to the centre for people in the South East.
The Landbay Rental Index, powered by MIAC, examined the effect it is already having on rental growth along the new rail network. 38 stations analysed along the Elizabeth Line, excluding zone 1, were analysed regarding the rents of their surrounding areas. These have grown from an average of £1,193 in January 2012 to £1,376 in June 2018.
The areas located to the East of zone 1 saw the largest rent rises, inflating by an average of 17.22 per cent since 2012. Areas to the West of zone 1 saw growth of 15.38 per cent. London saw a slowdown in rental growth during the same period at an average of 8.2 per cent.
However, certain areas along the Elizabeth line saw growth of over 30 per cent since 2012. Southall in the West saw growth of 38.19 per cent, while Manor Park and Romford, each in the East, saw rents rise by 37.24 per cent and 30.47 per cent respectively.
Eight stations saw rents rise between 20 and 29 per cent since 2012. Abbey Wood saw a rise of 26.51 per cent, Ilford 27.24 per cent, Seven Kings 26.09 per cent, Goodmays 25.18 per cent and Chadwell Heath at 27.35 per cent. Burnham, Iver and Hayes and Harlington also saw strong growth.
Just three stations saw local rents fall since 2012, with rents in Taplow down 2.02 per cent and Canary Wharf and Maryland in the East declining by 0.09 and 6.51 per cent respectively.
CEO and co-founder of Landbay, John Goodall, said: ‘The Elizabeth Line will improve access to the centre of London for thousands of commuters, but it comes at a premium for renters. The prospect of better transport links is creating higher demand for property in these areas. As a result, house prices and rents alike have increased, which for many landlords is an attractive proposition due to the prospect of extra return on investment.’